Corporate Governance And Risk Management Essay Example For College

Board Of Directors, Corporate Governance, Leadership And Management, Risk Management

THE KEY ROLES OF BOARDS

 Question: Where are Board skills and expertise normally focused?

Introduction

Boards of directors are an essential aspect of the business environment. They consist of professionals recruited by the company’s shareholders to act as their representatives. The success of an organization depends on board members (Naciti, 2019). They work together in the lawful, financial and ethical areas of a company. Public companies often select a board of directors who ensures they follow the business rules and regulations set by the government. It is essential for companies to have a board of directors because they; provide leadership, direction, and assurance that management makes decisions that are best for the business. They also provide strategies from an external perspective and ensure the company is credible.

Leadership and management processes in organizations

A successful business has a combination of good leadership and management. Leadership is the ability to guide and direct people towards a common goal. The management of a company must have a leader who has leadership qualities. Leadership and management processes include:

  • Company’s goal setting and planning: Managers and leaders guide the employees towards a common goal. They set achievable goals broken down into steps and phases, including deadlines. They then follow up on developments and confirm that everyone strives for the same objectives. These goals and plans set by managers and leaders give employees direction on what needs to be achieved (Areed et al., 2020).

  • Strategic communication: Communication is a crucial aspect of the success of an organization. Managers and leaders communicate their expected goals, the organization’s vision and any required changes from employees. In addition, they are open to receiving feedback from the clients and employees and encourage them to communicate more openly.

  • Decision making: Decision-making is an essential process for managers and leaders. Managers make day-to-day decisions that enable the organization to function, while leaders are responsible for making decisions that benefit the overall aims of an organization.

  • Employee motivation: Employees who are motivated are more productive. An organization’s leadership and management create a work environment that motivates and encourages teamwork. They reward their work, actively listen to them and provide them opportunities to grow.

  • Teamwork and collaboration: A work environment that encourages teamwork and collaboration depends on the management and leaders. Efficient managers and leaders support a workplace built on open communication, trust and integrity. They delegate tasks according to an employer’s strengths and skills and encourage them to collaborate.

  • Receiving feedback and change management: Feedback helps organizations’ managers and leaders to make changes where necessary. They address the need for change, engage the employees in the change process and set deadlines for the change duration. For successful change management, managers and leaders must be patient, irrepressible and malleable to change.

The key roles of Boards in a workplace

The board of directors consists of members who play specific roles in the organization. The role of boards includes:

  • Direction and strategic planning: The boards of directors are responsible for setting the organization’s goals and objectives. They then set strategic plans and directions that align with the firm’s mission and vision.

  • Creating policies: Boards assist in creating policies that oversee the firm’s operations. They guarantee that rules adhere to laws and regulations, encourage moral conduct, and serve the objective of the business.

  • Maintaining company resources: Boards do a financial oversight to confirm that the company’s finances are sustainable and healthy. They review and approve financial budgets and invoices. In addition, they work closely to ensure that personnel utilize the company’s resources appropriately (Chams & Garcia-Blandon, 2019).

  • Recruiting and dismissal of crucial executive leaders: Key executive leaders, such as the CEO, are evaluated and appointed by boards. They make the final decisions on who is to be appointed. In addition, boards analyze and assess their performances and provide them with necessary feedback. They also determine the critical executive’s compensation.

  • Ensure the company complies with ethical and legal laws: There are laws and regulations that companies need to comply with. Boards are there to ensure that the company operates by the rules. They do this by establishing ethics guidelines and codes of conduct that everyone needs to follow. In cases of ethical breach, they take appropriate actions.

  • Risk management: The strategies to effectively mitigate risks are developed by boards. They take care of and manage risks that may impact the organization. They work together to identify and analyze risks and ensure that vital mitigation strategies are used to manage the risk.

The focus of Boards skills and expertise

The board’s skills and expertise are relevant to the success of a workplace and are often focused on the following:


  • Management and leadership area

Board members who possess management and leadership skills have an understanding of the significance of good leadership practices, staff engagement and the culture of an organization. They provide insightful information about managerial leadership, talent acquisition, and human resource administration—their skills and expertise help guide their decision-making processes (Beji et al., 2021).


  • Accounting and financial area

It is essential for boards to have accounting and financial skills and expertise. With these skills, they promote effective financial decision-making and oversights. They can decide on the company’s key executives’ compensation rates. In addition, they understand financial reporting and statements that enable them to pass informed financial decisions and effective budgeting.


  • Legal and Ethical management

A board of directors that comprises members with legal expertise or skills is vital. The legal expertise ensures that the company is operating in accordance with the industry’s legal and ethical procedures and boundaries. They also mitigate legal risks. In addition, they offer advice on management, authorization, and compliance issues.


  • Risk Management

Mitigating risks appropriately requires relevant skills and expertise from boards. They assist in the company’s risk oversight efforts. They also have the necessary knowledge about risks and how to control them effectively.


  • Business development and strategic planning

The business development, strategic planning skills, and expertise of boards play a vital role in a firm’s long-term goals and objectives.

Conceptual, contextual and ethical issues in corporate governance and risk management decisions


  • Conceptual issues

An example includes a lack of agreement concerning corporate governance. The lack of agreement can lead to variations in governance practices. It also involves the debate on prioritizing shareholders, employees, suppliers and clients’ interests. In risk management, conceptual issues include decisions in categorizing risks, their latitude, and how to mitigate them.


  • Contextual issues

This includes the legal and regulatory frameworks that impact corporate governances and risk management, which vary in different organizations. It also includes an organization’s complexity, size, and culture that shapes and affects its governance structures and risk management strategies. In addition, contextual issues include the organizations’ ownership structure, such as; whether it is a public, private or government organization. Each ownership structure impacts the firm negatively or positively.


  • Ethical issues

Ethical issues can occur in corporative governance decision-making processes. It includes conflict of interest in executive compensation and transparency in the organization. For the smooth governance of a firm, boards should ensure they prioritize ethics standards. In risk management, ethical issues involve assuring accountability, equality, and openness to maintain trust and integrity in the organization.

Corporate governance and risk management

Corporate governance and risk management play a crucial role in the success of organizations. Corporate governance is the practices, procedures and rules that control and directs a company. Efficient corporate governance ensures there are transparency, credibility and accountability in a firm (Adrian-Cosmin, 2020). Risk management refers to detecting, evaluating, and reducing risks that could have a consequence on the company’s goals being met.

Corporate governance creates procedures to guarantee accountability and openness in a company’s decision-making operations. It is responsible for creating responsibilities and structures that enable effective control. They also create policies that comply with ethical laws and regulations. Corporate governance encourages boards to be effective in planning, setting goals and overseeing the company’s financial reports. It ensures that the board comprises members with different skills and expertise required for the organization’s success. In addition, corporate governance protects the interests of clients, stakeholders, society and suppliers and promotes ethical behaviours among them. Risk management is also included in corporate governance. They identify risks and implement risk management structures and processes.

Risk management involves risk identification and evaluation. These risks may harm the organization’s ability to attain its goals. Identifying risks assists firms in evaluating and understanding possible threats allowing them to make necessary adjustments. In addition, Risk identification leads to risk control and prevention. Risk management focuses on creating and implementing strategies to help prevent and control risks. It also helps business continuity by preparing and controlling any potential threat to the organization. Business performance can improve due to risk management as it increases operational effectiveness.

Ethical Perspectives in Informed decision making

Recommendations to enhance the board processes:

  • Create and implement an ethical framework: To enhance the board processes, they should establish clear ethical standards that describe the behaviours and principles expected from them.

  • Draw attention to ethical leadership: They should encourage and emphasize board members leading as an example in practising and upholding ethics and integrity. This will encourage the staff to behave ethically.

  • Carry out regular ethics reviews: Boards should carry out frequent ethical reviews to evaluate, identify and address areas that need improvements according to the ethical standards.

  • Develop ethical risk management: A breach of ethics can impact the performance of a company. The board should develop strategies to mitigate ethical risks to enhance the board’s processes.

  • Analyze reports on ethical performances: This helps to identify the ethical performances’ of an organization that promotes accountability and credibility.

Conclusion

A board of directors is essential for an organization’s success. They are responsible for decision-making, risk management, policy development, maintaining the organization’s resources and strategic planning. The board’s skills and expertise enable an efficient governance team. In addition, corporate governance and risk management play a critical role in the productivity and performance of a business. To enhance board processes concerning ethical implications, board members should implement ethical frameworks to guide their actions and behaviours.

References

Areed, S., Salloum, S. A., & Shaalan, K. (2020). The role of knowledge management processes for enhancing and supporting innovative organizations: a systematic review. Recent advances in intelligent systems and smart applications, 143-161.

Adrian-Cosmin, C. (2020). THE STAGES OF THE RISK MANAGEMENT PROCESS IN CORPORATE GOVERNANCE. Annals of’Constantin Brancusi’University of Targu-Jiu. Economy Series, (3).

Beji, R., Yousfi, O., Loukil, N., & Omri, A. (2021). Board diversity and corporate social responsibility: Empirical evidence from France. Journal of Business Ethics, 173, 133-155.

Chams, N., & García-Blandón, J. (2019). Sustainable or not sustainable? The role of the board of directors. Journal of cleaner production, 226, 1067-1081. https://doi.org/10.1016/j.jclepro.2019.04.118

Naciti, V. (2019). Corporate governance and board of directors: The effect of a board composition on firm sustainability performance. Journal of Cleaner Production, p. 237, 117727. https://doi.org/10.1016/j.jclepro.2019.117727

Critically Discuss Why Cyberspace Is Becoming Increasingly Difficult To Regulate University Essay Example

Introduction

Cyberspace has been one of the topics of recent concern. Numerous sectors of the global economy, such as health, banking and finance, communication and defence industries, heavily rely on cyberspace. Research provides enough evidence that cyberspace is a requisite part of political, social and economic power universally. Cyberspace allows people to share vital information globally, facilitating the growth and development in numerous parts of the continent and enhancing industrialisation and new technological methods.[1]. Therefore, it positively impacts people’s lives and enhances their living standards.

However, with the upsurging access to the internet, cyberspace has become an issue of concern, raising keenness on interests from people, international bodies and the state. Many perilous infrastructures in society relying on cyberspace makes it vulnerable to exploitation and disruption[2]. The constant and progressive advancements and innovation in cyberspace technologies uninterruptedly generate new forms of security difficulties. Cyberspace is full of conflicts, and its often threatened threats are caused by diverse players such as unethical crackers or hackers, non-state and terrorist actors, as well as the use of covert cyber capabilities by states. The increase in security threats due to the development of cyberspace upsurged the need for tighter laws and regulations. The higher degrees and constant transformation of the complexity of cyberspace develop a significant barrier to its regulation.[3]. The most significant complication or problem experienced by the cyber world is its highly unregulated domain. Nevertheless, the universal cyber community mainly focuses on upgrading and enhancing the use of technology rather than taking articulate measures to stabilise and secure the domain regarding the growth rates of threats. Research indicates that there have been numerous discussions when issues associated with cyber laws and regulations arise.[4]. Cyberspace regulation is the adoption of strategies and measures to safeguard the utilisation of the internet. Some researchers state that cyberspace should not be regulated because it has been deemed impossible, while others argue that cyberspace requires regulation. Therefore, this report proposes to identify why cyberspace has become increasingly difficult to regulate.

Barriers to Cyberspace Regulation

Lack of Physical Proximity

It is important to note that cyberspace does not have a real connection with real space, meaning that it cannot be divided on the foundations of physical boundaries[5]. Beyond the satellites, telephone lines, cables, and computers, regarded as the backbones, cyberspace has no other connection with the real world. It has a separate world that is built of electric data and passwords. In this interest, the causes of actions of the suit, which is the key traditional foundation for fixing jurisdictions, cannot be developed with the Internet certainty.[6]. Research indicates that the aptitude to impose sanctions on violators of laws is fundamentally constrained by the need for physical proximity. The internet has its boundaries in the form of passwords and screens that separate the virtual world from the real world of atoms[7]. Boundaries help define diverse cyberspace that needs and can develop new legal institutions. In this case, the territorially-based law finds the new surroundings profoundly threatening. The absence of physical boundaries in cyberspace leads to circumstances through which the foundation of culture and morality is shaken[8]. Regulations applied in the physical world cannot be employed in cyberspace because it lacks a sense of permanence.

Cyberspace makes it challenging for the national government because it is a truly universal technology that is considered to be nowhere but everywhere. It means that in cyberspace, individuals can move from one legal jurisdiction to another and can decide on the legal rules that apply to them or decide not to choose any legal jurisdiction[9]. Cyberspace develops a tremendous challenge to the traditional jurisdiction notions as a result of its aptitude to cross borders without being subject to border control[10]. Therefore, the consequences of digitalisation are that numerous Internet activities are becoming widely distributed, making it challenging to apply existing laws to the Internet analogous to the physical world operations.

Cyberspace Sovereignty

Notably, the digital environment is developed within the web of linked devices via fibre optic cables that carry data packages. The network is regarded to be complex because it relates to billions of devices, such as laptops, desktops, and smartphones, as well as the Internet of Things (IoT)[11]. According to research, the sphere of cyberspace is capable of reaching as far as the network of interconnected devices permits. Correspondingly, the degree of the digital realm can be controlled by the limitations of the network. In this interest, it becomes immensely challenging for a single state to govern the universal network[12]. This raises the issue of cyberspace sovereignty.[13]. It is a facet of Internet governance where states are given jurisdiction or control over the Internet within their territories or boundaries. The control is not restricted to the cultural, technological, political, and economic activities within the particular nation. Territorial sovereignty protects states from any interference by other countries or by individuals. A state’s sovereignty is violated when third parties obtain unauthorised access to Information and Communication Technology (ICT) in foreign nations without the permission or knowledge of the host nations. Within the boundaries, regulations and laws remain in effect.[14]. Therefore, since cyberspace is universal and lacks politically formulated territories, it is exceptionally challenging for a specific state to regulate all aspects of it completely.

State Overreach and Jurisdiction of Internet Cases

The current state of the internet shows a remarkable achievement due to its connectivity and complexity capacity. Research proves that the state’s engagement in any part of the complex and progressive networks might cause unintentional consequences in other parts of the digital environment. Even in entirely operational democracies, speedy regulatory and legal measures can sometimes cause policy overreach as well as stifle the information technology industry’s aptitude to operate optimally. In an environment with continuous technological development, most social media platforms have only existed for a few decades.[15]. Such a situation makes it very difficult to fine-tune the required degree of control. It is important to note that various states have, throughout history, modified and developed appropriate official processes to in a position to control several parts of their dominion[16]. As such, the swiftness at which technology develops is considered phenomenal, specifically when compared to the slow progress of government practices. This is an indication that there is a misalignment between how the technology evolves and how the government operates[17]. Therefore, employing the traditional state’s regulation mechanisms to the technological process may lead to policy overreach in various parts of the state.

The efficiency of the judicial system rests on a bedrock of numerous regulations. The regulations are used to define all aspects of the operations of the judicial system. Courts should have jurisdictions, appropriate services, processes as well as venues to hear cases and render judgements. However, it is not possible for the numerous internet issues and litigations to be managed by existing principles of jurisdiction.[18]. Due to the unique characteristics of the internet, laws and deciding jurisdictions in cross-border litigations cannot be used to fix jurisdictions of Internet cases. Notably, laws in accordance with jurisdictions where parties have yet to choose a state forum still need to be clarified.

Anonymity, Permanency and Ambiguity

The internet provides its users across the universe with the freedom to decide to remain pseudonymous and anonymous and, if desired, create multiple online identities. The aptitude to stay anonymous has numerous beneficial impacts on realising freedom and rights to expression. The internet enables people to access information and participate in public debate without revealing their identities.[19]. Various states have introduced and modified existing laws to upsurge their power to monitor the contents and activities of internet users without suitable safeguards against abuse. Notably, protecting an individual’s anonymity on the internet differs between nations and mainly depends on the nature of activities. Some countries have laws that disclose the identities of people blogging anonymously and whose blogs negatively impact other people’s reputations. Besides, blogging anonymously can become a form of bullying, especially when one infringes on other people’s privacy by sharing their secrets.[20]. Downloading anonymously has also led to illegal downloading of film and music from online websites. Other people use the internet to sow fear, sway opinions, doubt, uncertainties and provoke arguments. However, not all cyber-trolls are involved in abusive behaviour[21]s. Therefore, in cases where cyber-troll actions contravene domestic laws and or are recognised restrictions to the freedom and right of expression, the issue of their anonymity makes it more challenging in the sense of regulation because the complainant can never approach communicators directly, and they cannot know where they originate from.

Once the material is published on the internet, an archive is created immediately. As such, the archive remains stored or cached on the internet enabling it to be reachable through web searches on a probable perpetual foundation. It is important to note that the process is an indication that the issue of permanency of information is searchable and straightforwardly capable of duplication or copying. The permanency of information significantly weakens the court’s utility to order the removal of any material from the internet.[22]. Therefore, once material is exposed on the internet and made available to every person and sundry without any geographic limitations, immediate access to materials poses extensive difficulties for the administration of justice.

Another crucial characteristic of the internet that makes it challenging to be regulated is how it enables immediate and worldwide dissemination of information[23]. The feature renders the internet a powerful tool for expressing one’s rights and freedoms. As a result, the internet is attributed as a tool that upsurges information access, helps citizens to actively participate in developing democratic societies and acts as the driving force in hastening growth and development. Irrespective of the internet’s many advantages, the feature can cause numerous disadvantages. One of the key problems is the issue of online defamation.[24]. The internet’s universal instantaneous and reach nature indicates that the probable consequences of defamatory statements can damage people’s reputations compared to statements made and published offline. It is important to note that people whose reputation is ruined have a right to reply to restore the harm caused[25]. However, the right to respond usually has a limited value, especially if it is visible in the same places where original comments are located on the internet. Thus, the efficiency of regulating cyberspace could be better in cases where materials are cached on the internet.

States as the Consumers of Technology Products and Services

One of the fundamental issues in establishing a digital government is the position in which the states stand in the technology industry. Even though the state can assist and endorse an innovative environment for industrial and scientific accomplishments, they are not the leading innovative performers in their own right. However, they are considered the clients of technological products and services that private organisations develop.[26]. ICT was primarily established by major tech organisations, platform providers and private institutions. Typically, the states only must try and keep up with technological advancements after being widely embraced by society. In addition, policymakers, public servants, politicians, public servants, and regulators usually need more technical know-how that is vital for examining the complicated systems that are made up of billions of interconnected devices. It is important to note that a service used by millions of individuals can be destroyed by choices made by a small group of bureaucrats.[27]. The inclusive and innovative technological qualities tend to disappear if a state holds the necessary regulatory authority but needs more technical know-how.

Technological Advancement

The ever-evolving digital age significantly impacts cyberspace. It is important to note that the constant advancement and innovation in cyberspace technologies generate new forms of security challenges[28]. Research indicates this is an age of Artificial Intelligence (AI) driven autonomous and automated machines. The rapidly increasing potential for self-replicating, self-improving and autonomous intelligent machines has led to a massive transformation of cyberspace. Experts have welcomed the potential of AI to advance system robustness and verification[29]. However, the rapidly evolving AI systems continue to raise serious concerns for the fairness, accuracy, trust, transparency, privacy, security and ethics of the future of humanity, encouraging calls for regulation. Besides, there is a concern about the escalation of responses as well as the lack of control over the snowballing impacts that the AI-led counter-attacks may cause. Regulating AI is challenging because it is transformative, transparent, democratised and easily distributed. It touches every sector of the worldwide economy, putting the safety of the entire humankind at risk.[30]. Research indicates that AI can be easily misused and behave in a harmful and unpredictable manner towards humanity. Some of the key problematic features of AI include the security risks that occur as a result of the AI code, lack of identity for algorithms and nomenclature, the integrated and interconnected security risks that arise as a result of decentralisation and democratisation of AI Research and Development (R&D) as well as the nature of self-improvement of the hardware and software.[31]. For example, ChatGPT has the ability to seemingly spit out faultlessly written code, even without the user’s skills, leveraging the software for malicious behaviours. Therefore, it is challenging to regulate newly developed machines because they contain software that is somewhat difficult to comprehend.

Monopolising the Digital Market

The aptitude of the major technology firms to evade rules recognised by the state is another unanticipated impact of cyberspace regulatory mechanisms. As a result of their significant organisational and legal power, big internet firms are likely to circumvent the regulations more straightforwardly than their lesser counterparts, who lose in the competition due to their relative shortcoming in adapting to the regulatory measures.[32]. Therefore, this develops an environment where only the strongest and biggest can endure[33]. Additionally, while the hugest IT organisations upsurge their expertise, develop more exclusive rights, and improve their financial scenes, the barrier to access for small digital enterprises and startups can get advanced if the states fail to predict the end outcomes of their guidelines. An inadequate understanding of the fundamental IT business landscape, as well as the unadorned weight of the regulations, tends to be encumbered on the shoulders of the minor digital platforms.[34]. In this interest, the companies tend to be subsequently further excepted from the digital market, thus, solidifying the supremacy of the chief IT giants. Therefore, without appropriate deliberations on the impacts of digital constitutions on the market, the monopolisation of primary tech firms tends to challenge the appearance of an inclusive and innovative IT sector.

The Undemocratic States and Possibility of Violations of Fundamental Rights

In the current information age, technology has become an essential part of everyone’s daily life, and people’s access to information has become very simple and easy. In this interest, incorporating technology into our everyday activities creates weaknesses that must be managed. Powerful nations can ratify regulations and laws that regulate numerous facets of the digital environment transparently and democratically.[35]. Nevertheless, fully democratic nations are in the minority in a universe with frequent countries with damaged autocracies, democracies, monarchies and dictatorships. This raises the question of how people can expect anti-democratic countries to safeguard their fundamental freedoms and rights, such as their rights to political opinions, expression, and information exchange if their authoritarian nations lead to regulatory activities developed to limit the vital characteristics of ICT. If so, all the disruptive and anti-democracy governmental actions would be augmented in the digital universe and felt by the individuals of that land. Besides, considerable censorship, social media control, free speech violations, unjust surveillance by the government, political dissident detention, as well as the dissemination of propaganda and fake news would follow.[36]. Consequently, in the end, no one is set to guard or intervene in their guardians’ repressive affairs as they are still a sovereign power.

Conclusion

In the above analysis, cyberspace is not a field that up-to-date territory-founded legal systems can accommodate. In this case, the standardisation of cyberspace law needs to be arrived at, and the issue of technology regulation requires remarkable foresight and consideration. It is challenging to regulate cyberspace due to such issues as the undemocratic states and the possibility of violations of fundamental rights, monopolising the digital market, technological advancement, states as the consumer of technology products and services, anonymity, permanency, ambiguity, state overreach, cyberspace sovereignty and the lack of physical proximity. Notably, suitable multidisciplinary cooperation, human resources, higher levels of flexibility and public-private partnerships are needed to keep up with fast-developing and advancing technology. Also, there is a need for a robust digital constitution and governance. Therefore, the problems can only be solved if an increasing number of nations implement noteworthy reforms to their own social and economic systems.

Bibliography

Al-Mahrouqi A, O C and Kechadi T, “Cyberspace Challenges and Law Limitations” (2015) 6 International Journal of Advanced Computer Science and Applications

Chang LYC and Grabosky P, “The Governance of Cyberspace” [2017] Regulatory Theory 533

Czosseck C, Ottis R and Ziolkowski K, “Legal Implications of Territorial Sovereignty in Cyberspace” (2012) < https://securitypolicylaw.syr.edu/wp-content/uploads/2015/06/Heinegg_Sovereignty_In_Cyberspace.pdf> accessed May 1, 2023

Dilipraj E, “Cyberspace Regulation: The Need of the Hour” (Defense and Diplomacy January 1, 2018) < https://www.academia.edu/36547730/Cyberspace_Regulation_The_Need_Of_The_Hour> accessed May 1, 2023

Feick J and Werle R, “Regulation of Cyberspace” [2010] The Oxford Handbook of Regulation 522

Jackson Adams and Mohamad Albakajai, “Cyberspace: A New Threat to the Sovereignty of the State” (2016) 4 Management Studies

Konoorayar V, “Regulating Cyberspace: The Emerging Problems and Challenges” (SSRNJune 19, 2007) & lt; https://papers.ssrn.com/sol3/papers.cfm?abstract_id=994574> accessed May 1, 2023

Pandya J, “Troubling Trends towards Artificial Intelligence Governance” (Forbes April 17, 2019) < https://www.forbes.com/sites/cognitiveworld/2019/02/25/troubling-trends-towards-artificial-intelligence-governance/> accessed May 1, 2023

Rao R, “Cyberspace Regulation” [2020] SSRN Electronic Journal

Schmelzer R, “The Complex Nature of Regulating AI: TechTarget” (Enterprise AI December 27, 2019) < https://www.techtarget.com/searchenterpriseai/feature/The-complex-nature-of-regulating-AI> accessed May 1, 2023

Shen Y, “Cyber Sovereignty and the Governance of Global Cyberspace – Chinese Political Science Review” (SpringerLinkMarch 1, 2016) & lt; https://link.springer.com/article/10.1007/s41111-016-0002-6> accessed May 1, 2023

Tokat Y, “Navigating the Paradoxes of Digital Technology Policy: Examiningthe Six Major Challenges of Regulating Cyberspace – the Digital Constitutionalist” (The Digital Constitutionalist – The Future of ConstitutionalismFebruary 28, 2023) < https://digi-con.org/navigating-the-paradoxes-of-digital-technology-policy-examiningthe-six-major-challenges-of-regulating-cyberspace/> accessed May 1, 2023

[1] Dilipraj E, “Cyberspace Regulation: The Need of the Hour” (Defense and Diplomacy January 1, 2018) accessed May 1, 2023

[2] Chang LYC and Grabosky P, “The Governance of Cyberspace” [2017] Regulatory Theory 533

[3] Dilipraj E, “Cyberspace Regulation: The Need of the Hour” (Defense and Diplomacy January 1, 2018) accessed May 1, 2023

[4] Feick J and Werle R, “Regulation of Cyberspace” [2010] The Oxford Handbook of Regulation 522

[5] Konoorayar V, “Regulating Cyberspace: The Emerging Problems and Challenges” (SSRN June 19, 2007) accessed May 1, 2023

[6] Al-Mahrouqi A, O C and Kechadi T, “Cyberspace Challenges and Law Limitations” (2015) 6 International Journal of Advanced Computer Science and Applications

[7] Tokat Y, “Navigating the Paradoxes of Digital Technology Policy: Examining the Six Major Challenges of Regulating Cyberspace – the Digital Constitutionalist” (The Digital Constitutionalist – The Future of Constitutionalism February 28, 2023) accessed May 1, 2023

[8] Al-Mahrouqi A, O C and Kechadi T, “Cyberspace Challenges and Law Limitations” (2015) 6 International Journal of Advanced Computer Science and Applications

[9] Chang LYC and Grabosky P, “The Governance of Cyberspace” [2017] Regulatory Theory 533

[10] Al-Mahrouqi A, O C and Kechadi T, “Cyberspace Challenges and Law Limitations” (2015) 6 International Journal of Advanced Computer Science and Applications

[11] Tokat Y, “Navigating the Paradoxes of Digital Technology Policy: Examining the Six Major Challenges of Regulating Cyberspace – the Digital Constitutionalist” (The Digital Constitutionalist – The Future of Constitutionalism February 28, 2023) accessed May 1, 2023

[12] Shen Y, “Cyber Sovereignty and the Governance of Global Cyberspace – Chinese Political Science Review” (SpringerLinkMarch 1, 2016) accessed May 1, 2023

[13] Czosseck C, Ottis R and Ziolkowski K, “Legal Implications of Territorial Sovereignty in Cyberspace” (2012) accessed May 1, 2023

[14] Shen Y, “Cyber Sovereignty and the Governance of Global Cyberspace – Chinese Political Science Review” (Springer Link March 1, 2016) accessed May 1, 2023

[15] Jackson Adams and Mohamad Albakajai, “Cyberspace: A New Threat to the Sovereignty of the State” (2016) 4 Management Studies

[16] Jackson Adams and Mohamad Albakajai, “Cyberspace: A New Threat to the Sovereignty of the State” (2016) 4 Management Studies

[17] Shen Y, “Cyber Sovereignty and the Governance of Global Cyberspace – Chinese Political Science Review” (SpringerLinkMarch 1, 2016) accessed May 1, 2023

[18] Konoorayar V, “Regulating Cyberspace: The Emerging Problems and Challenges” (SSRN June 19, 2007) accessed May 1, 2023

[19] Konoorayar V, “Regulating Cyberspace: The Emerging Problems and Challenges” (SSRN June 19, 2007) accessed May 1, 2023

[20] Al-Mahrouqi A, O C and Kechadi T, “Cyberspace Challenges and Law Limitations” (2015) 6 International Journal of Advanced Computer Science and Applications

[21] Al-Mahrouqi A, O C and Kechadi T, “Cyberspace Challenges and Law Limitations” (2015) 6 International Journal of Advanced Computer Science and Applications

[22] Rao R, “Cyberspace Regulation” [2020] SSRN Electronic Journal

[23] Konoorayar V, “Regulating Cyberspace: The Emerging Problems and Challenges” (SSRN June 19, 2007) accessed May 1, 2023

[24] Rao R, “Cyberspace Regulation” [2020] SSRN Electronic Journal

[25] Rao R, “Cyberspace Regulation” [2020] SSRN Electronic Journal

[26] Tokat Y, “Navigating the Paradoxes of Digital Technology Policy: Examining the Six Major Challenges of Regulating Cyberspace – the Digital Constitutionalist” (The Digital Constitutionalist – The Future of Constitutionalism February 28, 2023) accessed May 1, 2023

[27] Tokat Y, “Navigating the Paradoxes of Digital Technology Policy: Examining the Six Major Challenges of Regulating Cyberspace – the Digital Constitutionalist” (The Digital Constitutionalist – The Future of Constitutionalism February 28, 2023) accessed May 1, 2023

[28] Tokat Y, “Navigating the Paradoxes of Digital Technology Policy: Examining the Six Major Challenges of Regulating Cyberspace – the Digital Constitutionalist” (The Digital Constitutionalist – The Future of Constitutionalism February 28, 2023) accessed May 1, 2023

[29] Schmelzer R, “The Complex Nature of Regulating AI: TechTarget” (Enterprise AI December 27, 2019) accessed May 1, 2023

[30] Schmelzer R, “The Complex Nature of Regulating AI: TechTarget” (Enterprise AI December 27, 2019) accessed May 1, 2023

[31] Pandya J, “Troubling Trends towards Artificial Intelligence Governance” (Forbes April 17, 2019, accessed May 1, 2023

[32] Tokat Y, “Navigating the Paradoxes of Digital Technology Policy: Examining the Six Major Challenges of Regulating Cyberspace – the Digital Constitutionalist” (The Digital Constitutionalist – The Future of Constitutionalism February 28, 2023) accessed May 1, 2023

[33] Tokat Y, “Navigating the Paradoxes of Digital Technology Policy: Examining the Six Major Challenges of Regulating Cyberspace – the Digital Constitutionalist” (The Digital Constitutionalist – The Future of Constitutionalism February 28, 2023) accessed May 1, 2023

[34] Schmelzer R, “The Complex Nature of Regulating AI: TechTarget” (Enterprise AI December 27, 2019) accessed May 1, 2023

[35] Tokat Y, “Navigating the Paradoxes of Digital Technology Policy: Examining the Six Major Challenges of Regulating Cyberspace – the Digital Constitutionalist” (The Digital Constitutionalist – The Future of Constitutionalism February 28, 2023) accessed May 1, 2023

[36] Tokat Y, “Navigating the Paradoxes of Digital Technology Policy: Examining the Six Major Challenges of Regulating Cyberspace – the Digital Constitutionalist” (The Digital Constitutionalist – The Future of Constitutionalism February 28, 2023) accessed May 1, 2023

Data Mining Has Emerged As A Popular Tool For Businesses Writing Sample

Introduction

The practice of discovering patterns and insights from large datasets using various tools and approaches is known as data mining. In recent years, organizations have been more interested in data mining, a fast-expanding sector (Olufemi Ogunleye 2022, 1). Data mining has become a popular technique for organizations to extract useful insights and patterns from their data to make educated choices, given the large quantity of data now accessible in the digital era (Olufemi Ogunleye 2022, 1). I will look at the many types of data mining, how firms use it, and how helpful it is in this study.

Given time, Data mining is crucial in giving enormous amounts of data that businesses continue to produce; being able to derive useful insights from this data, organizations may make better choices, increase customer happiness, and gain a competitive advantage. Businesses may utilize data mining technologies to find patterns and trends in their data, which they can use to create development and improvement plans.

We will first provide a quick review of database theory and its application to data mining in this study. The importance of big data for accountants and how different sectors employ data mining and analytics will be covered. The importance of Enterprise Resource Planning (ERP) systems in data mining will be examined, and the potential problems posed by technological concerns like security will be discussed. We will also examine how social media affects commerce, how blockchain technology is used, and cybercrime and abuse.

Various Methods of Data Mining and how they are utilized in Business

Data mining techniques, including classification, clustering, association rule mining, and outlier identification, are some of the more popular ones. Data must be categorized into established classes based on traits or features in order to be classified (Papakyriakou and Barbounakis 2022, 5). This technique may be used to find patterns and trends that can be utilized in decision-making and is beneficial for predictive modeling.

Clustering involves grouping similar data points based on similarities in their attributes. This method is useful for segmentation and can identify subgroups within a larger dataset (Papakyriakou and Barbounakis, 2022, 14). Association rule mining involves discovering relationships between variables in a dataset, such as identifying which products are often purchased together in a retail store (Papakyriakou and Barbounakis 2022, 6). This method is useful for market basket analysis and can be used to optimize product placement and marketing strategies. Outlier detection involves identifying anomalies in a dataset that do not fit within the expected patterns or trends. This method is useful for detecting fraud or unusual events and can be used to improve risk management (Papakyriakou and Barbounakis 2022, 13).

Companies in various sectors use data mining to gather insights and enhance decision-making. Retail businesses, for instance, employ data mining to enhance their product offers and pricing schemes (Bra and Lungu 2012, 1). Data mining is a technique used by healthcare organizations to analyze patient data and enhance medical results. Financial companies use data mining to control risk and spot fraud. It is impossible to emphasize how beneficial data mining is for businesses. Businesses may use data mining to get insights from their data and use those insights to make educated choices (Kulakli 2021, 2). This might aid businesses in enhancing customer happiness, boosting income, cutting expenses, and gaining a competitive advantage (Kulakli 2021, 7).

Theory of Databases

The hypothesis of data sets is a principal part of information mining and assumes a basic part in the administration and capacity of information. Information bases are organized information that can be accessed, made due, and refreshed without any problem. They store information for various purposes, including data mining, record-keeping, and assessment (Stanczyk et al. 1990, 1).

The hypothesis of information bases incorporates a few ideas and standards, including data set plans, standardization, and social data sets. The data set plan includes arranging how the information will be put away and coordinated, including the sorts of information to be put away, the connections between the information, and the principles for getting to and controlling the information (Stanczyk et al. 1990, 2).

Normalization is organizing the data in a database to reduce redundancy and improve data integrity. This includes breaking the information into more modest, reasonable tables and guaranteeing each has a novel identifier or essential key (Xiao et al. 2011, 3).

Social data sets are information bases that utilize a social model to sort and store information. This model includes separating the information into more modest, more reasonable tables and laying out connections between the tables because of normal information components (Kraleva et al. 2018, 117).

The hypothesis of data sets is basic to the progress of information mining since it empowers effective information stockpiling and recovery. By following data set plan standards, organizations can guarantee that their information is efficient, effectively open, and exceptional (Bansal et al. 2022, 247). This permits organizations to remove important experiences from their information rapidly and successfully.

Big Data for Accountants

Large information has arisen as a significant apparatus for bookkeepers as of late. The sheer volume of information organizations produces has made it progressively hard for bookkeepers to make due, break down, and concentrate experiences from their information utilizing customary techniques (Cockcroft and Russell 2018, 3). With large information investigations, bookkeepers can better comprehend their information, work on monetary revealing, and upgrade direction.

One manner by which bookkeepers utilize large amounts of information is in monetary detailing. Huge information investigation considers processing monetary information rapidly and productively, giving precise and ideal monetary reports. This is particularly significant for public corporations expected to submit customary monetary reports to administrative organizations (Cockcroft and Russell 2018, 3).

Enormous information likewise takes into consideration more exact and proficient reviewing. By dissecting enormous datasets, reviewers can distinguish examples and oddities in monetary exchanges that might show extortion or mistakes (Cockcroft and Russell 2018, 4). This assists with guaranteeing the exactness and trustworthiness of budget reports, which is basic for keeping up with financial backer certainty and staying away from legitimate issues.

Accountants also utilize big data for something called predictive analytics. Accountants can foretell the future of a company’s finances by looking into the past and seeing patterns and trends. The result is better investment, pricing, and risk management choices for firms.

Big data also has the potential to revolutionize the accounting field by enabling the automation of routine tasks. With the assistance of Artificial Intelligence calculations, bookkeepers can mechanize errands, for example, information passage and monetary investigation, saving time for additional essential undertakings, for example, monetary preparation and navigation.

In any case, additional gambles involve large amounts of information in bookkeeping. Safeguarding touchy monetary data is a significant snag. As the amount of data being gathered grows, accountants have a greater responsibility to keep it safe and limit access to it to those who need it. Furthermore, accountants may need more training and resources because using big data requires high technical expertise (Cockcroft and Russell 2018, 5).

Data Mining and Data Analytics

Information mining and information examination are firmly related fields that have become progressively significant for organizations. While information mining centers around extracting examples and bits of knowledge from huge datasets, information investigation includes utilizing factual and numerical devices to examine and decipher information (Ledolter 2013, 5). In this segment, we will talk about the techniques for information mining and information examination, how organizations use them, and their convenience in different enterprises.

Data Mining

Data mining involves several methods: classification, clustering, association rule mining, and outlier detection. Classification involves categorizing data into predefined classes based on attributes or features. Clustering involves grouping similar data points based on similarities in their attributes (Papakyriakou and Barbounakis 2022, 5). Association rule mining involves discovering relationships between variables in a dataset, such as identifying which products are often purchased together in a retail store. Outlier detection involves identifying anomalies in a dataset that do not fit within the expected patterns or trends.

Organizations use information mining to acquire bits of knowledge and further develop independent direction. For instance, retail organizations use information mining to improve item contributions and estimating procedures (Papakyriakou and Barbounakis 2022, 3). Medical services associations use information mining to investigate patient information and work on clinical results. Monetary establishments use information mining to recognize extortion and oversee risk.

Data Analytics

Information examination includes utilizing measurable and numerical devices to break down and decipher the information. This incorporates graphic examination, which gives bits of knowledge into what has occurred before; prescient examination, which predicts what will probably occur from here on out; and prescriptive investigation, which prescribes activities to accomplish wanted results (Azevedo 2015, 3).

Organizations utilize information examination to get information and upgrade independent direction. For instance, marketing departments employ data analytics to determine client preferences and create customized marketing efforts (Azevedo 2015, 3). Human resources departments use data analytics to evaluate employee performance and identify areas for development (Azevedo 2015, 2). Operations departments use data analytics to streamline manufacturing procedures and save expenses.

It is impossible to exaggerate the value of data analytics and mining in Business. Businesses may make wise choices, increase customer happiness, and gain a competitive market advantage by gaining useful insights from their data (Azevedo 2015, 4). Businesses may find patterns and trends in their data using data mining and analytics technologies, which can then be utilized to create growth and improvement initiatives (Azevedo 2015, 5).

The ERP Systems

Undertaking Asset Arranging (ERP), frameworks are programming stages that incorporate different business cycles and work into a solitary framework. ERP frameworks oversee center business processes, including finance, HR, stock administration, inventory network, the board, and client relationships with the executives (Adiasih et al. 2020, 159). In this part, we will examine how ERP frameworks are utilized in information mining, their advantages, and the difficulties related to their execution.

ERP frameworks are significant in information mining as they give information capacity and examination a concentrated stage. By coordinating different business processes into a solitary framework, ERP frameworks give abundant information that can be utilized for information mining and investigation (Adiasih et al. 2020, 160). For instance, ERP frameworks can give information on stock levels, client orders, and deal patterns, which can be utilized to recognize examples and experiences that can be utilized to upgrade business processes and further develop independent direction.

One of the vital advantages of ERP frameworks is the capacity to give ongoing information access and investigation. This empowers organizations to pursue informed choices rapidly and successfully, diminishing the gamble of mistakes and deferrals (Adiasih et al. 2020, 160). ERP frameworks likewise give an exhaustive perspective on business cycles and execution, permitting organizations to distinguish areas of progress and upgrade processes for expanded effectiveness.

In any case, there are additional difficulties related to the execution of ERP frameworks. These difficulties incorporate the expense of execution, the intricacy of the framework, and the requirement for broad preparation and backing (Adiasih et al. 2020, 3). Furthermore, ERP frameworks might expect customization to meet the particular necessities of a business, which can be tedious and costly.

Technology Issues: Security, Computer Crime, and Abuse

For companies adopting data mining tools, technology problems, including security, computer crime, and misuse, are crucial considerations. Since data mining involves extracting insightful information from sizable datasets, cyberattacks, and other malicious activities can target the data (Perwej et al. 2021, 2). In this part, we will talk about the value of security measures in data mining, the kinds of computer crimes and abuse that may happen there, and the difficulties brought on by these technological problems.

Security is a basic thought for organizations utilizing information mining methods. The huge volume of information gathered, handled, and investigated through information mining devices requires vigorous safety efforts to safeguard against digital dangers and vindictive exercises (Perwej et al. 2021, 2). Organizations should guarantee that their information is put away safely and that the main approved staff approach it. Furthermore, they should guarantee that their information mining instruments are secure and state-of-the-art to limit the gamble of digital assaults.

Data mining may also be the cause of computer crimes and misuse. This covers practices including virus assaults, phishing scams, and hacking. These actions jeopardize data security and cause enterprises serious financial and reputational harm (Desai et al. 2021, 35). Therefore, a thorough security strategy, including regular vulnerability testing and incident response plans, is crucial for businesses.

Security, computer misuse, and related crimes provide substantial issues. For small and medium-sized enterprises, securing data takes substantial resources and experience, which may be challenging (Desai et al. 2021, 35). The sophistication of cyber threats and harmful behaviors is also rising as technology develops, making it harder to remain ahead of these hazards.

Social Media and Its Impacts on Business

Social media has become an increasingly important platform for businesses to connect with customers and gain insights into consumer behavior (Venkateswaran et al. 2019, 5). Data mining can extract valuable insights from social media data, including sentiment analysis, customer preferences, and market trends.

Social media data mining involves text mining, network analysis, and sentiment analysis. Text mining involves analyzing the text content of social media posts to identify patterns and insights (Venkateswaran et al. 2019, 6). Network analysis involves analyzing the connections between social media users to identify influencers and trends (Schnepf et al. 2022, 2). Sentiment analysis involves analyzing the emotional tone of social media posts to identify positive or negative sentiments toward products or brands.

Organizations utilize online entertainment information mining to acquire shopper experiences, develop client commitment, and foster designated showcasing techniques (Venkateswaran et al. 2019, 7). For instance, organizations can involve virtual entertainment information mining to distinguish powerhouses in their industry and cooperate with them for advertising efforts. They can likewise utilize virtual entertainment information mining to screen brand notoriety and answer client criticism rapidly and actually.

Cryptocurrency and Blockchain Technology

Cryptographic money and blockchain innovation stand out as of late, with numerous organizations investigating their possible purposes in information mining and different regions. Blockchain innovation gives a safe, decentralized stage for information capacity and trade, which can be utilized to improve the security and dependability of information mining (Aljabr et al. 2019, 2).

Cryptocurrency data mining involves the extraction of insights from data related to cryptocurrency transactions, prices, and market trends. This data can be used to make informed decisions about investments and trading strategies (Aljabr et al. 2019, 2).

Blockchain technology data mining involves the extraction of insights from data stored on a blockchain. This data can be used for various purposes, including supply chain management, secure data exchange, and decentralized applications (Saari et al. 2022, 2).

Businesses can use cryptocurrency and blockchain technology data mining to gain insights into market trends and optimize investment strategies. They can also use blockchain technology to enhance the security and reliability of their data mining tools, ensuring that their data is stored securely and that only authorized personnel have access to it (Saari et al. 2022, 2).

Conclusion

In conclusion, firms now rely heavily on data mining to get actionable insights from their mountain of data. Businesses may analyze their data for growth and improvement opportunities using data mining methods like classification, clustering, association rule mining, and outlier detection. Accountants rely heavily on big data because it allows them to organize, analyze, and draw conclusions from the vast amounts of information businesses generate. Data mining technologies’ trustworthiness and safety rely on carefully considering technological issues such as security, computer crime, and abuse. Companies may now get valuable insights into consumer behavior and facilitate secure data exchange via blockchain technology and social media. When used properly, data mining and analytics help businesses make informed decisions, improve customer standing, and gain a competitive edge.

References

Adiasih, P., Elsye Hatane, S., & Christyanto, S. (2020). The role of Enterprise Resource Planning (ERP) in improving an organization’s intellectual capital. KnE Life Sciences. https://doi.org/10.18502/kls.v5i3.6570

Aljabr, Ahmad Abdullah, Avinash Sharma, and Kailash Kumar. “Mining Process in Cryptocurrency Using Blockchain Technology: Bitcoin as a Case Study.” Journal of Computational and Theoretical Nanoscience 16, no. 10 (2019): 4293–98. https://doi.org/10.1166/jctn.2019.8515.

Bansal, B., Jenipher, V. N., Jain, R., Dilip, R., Kumbhkar, M., Pramanik, S., Roy, S., & Gupta, A. (2022). Big Data Architecture for Network Security. Cyber Security and Network Security, 233–267. https://doi.org/10.1002/9781119812555.ch11

Bra, A., & I. Lungu. 2012. Improving decision support systems with data mining techniques”. Advances in Data Mining Knowledge Discovery and Applications. https://doi.org/10.5772/47788

Cockcroft, S., & M. Russell. 2018. Big Data Opportunities for Accounting and Finance Practice and Research. Australian Accounting Review, 28(3), 323–333. https://doi.org/10.1111/auar.12218

Desai, V. P., Oza, D. K. S., & Naik, D. P. G. (2021). Data Mining Approach for Cyber Security. International Journal of Computer Applications Technology and Research, 10(01), 035–041. https://doi.org/10.7753/ijcatr1001.1007

Kraleva, R. S., Kralev, V. S., Sinyagina, N., Koprinkova-Hristova, P., & Bocheva, N. (2018). Design and analysis of a relational database for behavioral experiments Data Processing. International Journal of Online Engineering (IJOE), 14(02), 117. https://doi.org/10.3991/ijoe.v14i02.7988

Kulakli, Atik. 2021. “Integration of Data Mining and Business Intelligence in Big Data Analytics.” Advances in Business Information Systems and Analytics, 13–43. doi:10.4018/978-1-7998-5781-5.ch002.

Ledolter, J. 2013. Data Mining and business analytics with R. https://doi.org/10.1002/9781118596289

Olufemi Ogunleye, J. (2022). The concept of Data Mining. Artificial Intelligence. https://doi.org/10.5772/intechopen.99417

Papakyriakou, D., & Barbounakis, I. S. (2022). Data Mining Methods: A Review. International Journal of Computer Applications, 183(48), 5–19. https://doi.org/10.5120/ijca2022921884

Perwej, D. Y., S. Qamar Abbas, Pratap Dixit, J., D. N. Akhtar, & Kumar Jaiswal, A. 2021. A systematic literature review on cyber security. International Journal of Scientific Research and Management, 9(12), 669–710. https://doi.org/10.18535/ijsrm/v9i12.ec04

Saari, Anniina, Jussi Vimpari, and Seppo Junnila. “Blockchain in Real Estate: Recent Developments and Empirical Applications.” Land Use Policy 121 (2022): 106334. https://doi.org/10.1016/j.landusepol.2022.106334.

Stanczyk, S., Champion, B., & Leyton, R. (1990). Theory and practice of relational databases. https://doi.org/10.4324/9780203278611

Venkateswaran, R., Bernard Ugalde, and Rogelio T. “Impact of Social Media Application in Business Organizations.” International Journal of Computer Applications 178, no. 30 (2019): 5–10. https://doi.org/10.5120/ijca2019919126.

Xiao, H. Y., P. Zhou, & Zhao, C. L. 2011. The breakthrough of database design normalization theory. Advanced Materials Research, 204–210, 1615–1618. https://doi.org/10.4028/www.scientific.net/amr.204-210.1615